U.S. stocks decline after as investors await for the possibility of Federal Reserve tapering of its $75 Billion stimulus program as officials meet to come to a conclusion in a two day meeting that ends January 29.
U.S. stocks extended their loss as December homes sales fell and weakness in emerging markets pointed to lower demand for U.S. exports.
December new home sales fell for a second consecutive month (by 7%) though overall, sales for 2013 were still at their highest level in five years.
The Federal Open Market Committee’s policy meeting announcement takes place at 2 p.m. EST on Wednesday.
The S&P 500 lost 0.4% to 1,783.92 while the Dow Jones Industrial Average was little changed at 15,872.97. The Nasdaq was tumbled 0.9% to 4,090.03.